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US shares drop sharply on oil fears Dow Jones plunges over 300 points on oil fears
(4 months later)
(Close): Leading US stock indexes declined sharply on Monday, as plunging oil prices worried investors.(Close): Leading US stock indexes declined sharply on Monday, as plunging oil prices worried investors.
The Dow Jones fell 331.34 points, or 1.86%, to close at 17,501.65.The Dow Jones fell 331.34 points, or 1.86%, to close at 17,501.65.
The broader S&P 500 index shed 37.62 points, or 1.83%, to 2,020.58, and the tech-heavy Nasdaq slipped 74.24 points or 1.57% to 4,652.57.The broader S&P 500 index shed 37.62 points, or 1.83%, to 2,020.58, and the tech-heavy Nasdaq slipped 74.24 points or 1.57% to 4,652.57.
The US oil price briefly fell below $50 per barrel for the first time since April 2009.The US oil price briefly fell below $50 per barrel for the first time since April 2009.
Known as West Texas Intermediate crude, it finished the day at $50.04, a 5% drop.Known as West Texas Intermediate crude, it finished the day at $50.04, a 5% drop.
The benchmark Brent crude oil price also fell significantly, dropping 6% to $53.03 per barrel.The benchmark Brent crude oil price also fell significantly, dropping 6% to $53.03 per barrel.
Oil firms Exxon Mobil and Chevron saw their shares fall as a result.Oil firms Exxon Mobil and Chevron saw their shares fall as a result.
Shares in Exxon closed down 2.7% and Chevron fell 4%.Shares in Exxon closed down 2.7% and Chevron fell 4%.
Industrial machinery giant Caterpillar also saw its share price slip by more than 5.28% as investors worried about the firm's exposure to the energy sector.Industrial machinery giant Caterpillar also saw its share price slip by more than 5.28% as investors worried about the firm's exposure to the energy sector.
Analysis by Samira Hussain, BBC News, New YorkAnalysis by Samira Hussain, BBC News, New York
In the run-up to the Christmas holidays, the low price of oil was taken as good news for US markets.In the run-up to the Christmas holidays, the low price of oil was taken as good news for US markets.
But now, the big drops are being seen as a worrying sign by investors who are concerned about the strength of the global economy.But now, the big drops are being seen as a worrying sign by investors who are concerned about the strength of the global economy.
These drops in the price of oil could indicate less demand and therefore slower economic activity around the world.These drops in the price of oil could indicate less demand and therefore slower economic activity around the world.
Consumers however, continue to reap the benefits of low fuel prices.Consumers however, continue to reap the benefits of low fuel prices.
It is cheaper to fill your car with petrol and to heat your home, leaving consumers with more money in their pockets.It is cheaper to fill your car with petrol and to heat your home, leaving consumers with more money in their pockets.